An average of $355k is scary, when these folks are approaching the age when more and more will need tons of healthcare AND long term care.
That is going to wipe out their net worth in a couple of years.
Everyone is going to pay for that.
According to the article, that's the median net worth, not the average. The average is over a million.
-PJ
” ...these folks are approaching the age when more and more will need tons of healthcare AND long term care.
A 76 year old man I know was diagnosed with Parkinson’s about 18 months ago. He is blowing through about $9k/month on assisted living, nursing, etc. Has a good pension, owns three modest homes and is now selling the homes to keep up with the bills. His physical and financial condition is deteriorating rapidly.
An average of $355k is scary, when these folks are approaching the age when more and more will need tons of healthcare AND long term care.
+++++++++++++++++++++
It is low but not scary. Once on Medicare with a decent earnings history that’s enough to make it to the end with life expectancy around 78.
That’s the MEDIAN net worth. You take Elon Musk’s worth and a homeless person’s net worth. Halfway between those two is the median net worth.
The article says that’s a better measurement. I totally disagree.